The COVID-19 pandemic eventually gave rise to large increases in profits, profit shares and inflation rates. A major controversy has developed among economists and in the media about whether this was largely caused by profit inflation, that is, by increases in the percentage mark-ups set by...

Adrian Wood is Professor Emeritus of International Development at the University of Oxford. Among post-Keynesian economists, he is best known for his 1975 book, A Theory of Profits, which establishes a link between profit margins and growth rates. Wood was an undergraduate at King’s College in...